This is a feature I haven’t used as much as I should, as it would save me a ton of time. Even better, I can create new lists from lists in *other* sites, too! Here’s how it works…
When you’re in Site Contents, click on the New option and select List:
Please note… you can only do this if you have at least Design level access on the site.
In the Create a list panel, select From an existing list. You will get a selection of lists from your current site, *and* a list of other sites you have access to. Select the list to use as a template, and then click Create in the lower-right corner. You will get a new list formatted like the one you selected:
If you have some standard lists you like to use in multiple sites, you might want to store them in a “Templates” site so that everyone could create a list in their own site using those templates as starting points.